Invictus board chairman steps down, as commercialisation looms

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Dr Stuart Lake, board chairperson of Invictus Energy, the Australian firm undertaking oil and gas exploration in Muzarabani, will step down from his positions as non-executive director and chairman next week.

In a statement during the Invictus Energy 2022 annual general meeting on Thursday, Dr Lake cited “personal” reasons for his departure.

He is set to leave on November 28, 2022.

“Due to personal circumstances, I am unable to dedicate the necessary time and focus required for the increasingly demanding role and I will be stepping down from the board effective Monday, November 28, 2022,” he said.

“With the presence of hydrocarbons in our first exploration well, this is an opportune time for the company to bring in a new chairman with a complimentary skill set to lead the commercialisation efforts as the company transitions from an explorer.”

He said preliminary findings from the ongoing drilling of the company’s first test well were encouraging and point to the presence of commercially viable gas and oil.

“The well is hopefully the first step towards energy independence for Zimbabwe, and the ability for Zimbabwe to supply energy to adjacent countries.

“The Government of Zimbabwe, our local partner, One Gas Resources led by Mr Paul Chimbodza, and the local community support have been pivotal to this shared success.” – Sunday Mail